LONDON — STR's preliminary August 2019 data for hotels in Melbourne, Australia, indicates lower overall performance, but higher room rates.
Based on daily data from the month, Melbourne reported the following in year-over-year comparisons:
- Supply: +4.8%
- Demand: +2.3%
- Occupancy: -2.4% to 81.9%
- Average daily rate (ADR): +0.5% to AUD180.06
- Revenue per available room (RevPAR): -1.9% to AUD147.47
The absolute ADR level would be the highest for an August in Melbourne since 2013. STR analysts note that overall performance was limited by sustained new supply, but events helped maintain room rates. Daily data showed that RevPAR increased more than 20% during 22-24 August, helped by USA vs. Australia basketball.
STR will release full August results later this month. The August edition of the Melbourne Centre submarket forecast is available now through www.str.com/consulting-services/forecasts.
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.